December 4, 2020  
 
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Selling a Business

 

Selling a Commercial and Savings Banks Business

Few entrepreneurs relish the idea of selling a business in a struggling economy. Yet commercial and savings banks businesses continue to be sold at a brisk pace, outperforming the sales of many other types of businesses.

Are most buyers timid about buying a commercial and savings banks business in today's economic environment? You bet.
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Too often commercial and savings banks business owners fail to receive fair market value for their businesses. With the right strategy, your sale doesn't have to end that way.

Negotiation Teams

Business sellers are sometimes surprised to find themselves in the position of negotiator-in-chief. When you sell your commercial and savings banks business, your business brokers may or may not be willing to conduct negotiations for you. A solo negotiation is a surefire way to may a tough job even tougher. By enlisting the assistance of a negotiation team (senior leaders, experienced negotiators, etc.), you can improve the quality of your negotiation strategy and position yourself to receive top dollar for your commercial and savings banks business.

Tapping Into Business Networks

Today's commercial and savings banks business buyers can be found in a variety of locations. To advertise your sale to the widest possible audience, consider a listing on BizBuySell.com or other top online business-for-sale listing sites. For more targeted lead generation, consider tapping into your network of industry contacts. When leveraging industry relationships for sales prospects, you'll need to be cognizant of the potential for competitors to use knowledge of your sale against you in the marketplace. Use good sense in restricting the flow of information within the industry and focusing your efforts toward trusted industry allies.

Maintaining Objectivity

Emotions run high during the sale of a commercial and savings banks business. Your estimate of your company's worth is probably skewed by your emotions and your close, personal connection to the business. It is difficult for many owners to accept the cold, hard facts about their company's worth, but objectivity is the name of the game in a successful commercial and savings banks business sale. A business broker can be a valuable resource in right-sizing your expectations and preparing you for market realities.

More Exit Planning Articles

Given your interest in exit planning and in commercial and savings banks businesses, you might find these additional resources to be of interest.

Entrepreneurial Exit Strategies

Marketing a Commercial and Savings Banks Business

Pros and Cons of Using Business Brokers


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